Its Official: Walton Interests Buy Emma Avenue Buildings for $1.22M
by June 5, 2014 9:33 am 183 views
Springdale Downtown LLC, an entity controlled by the Walton interests, has purchased the Ryan’s Clothing store and the San Jose Manor in the 200 block of E. Emma Ave. in Springdale for $1.22 million, the Northwest Arkansas Business Journal has learned.
Combined, the buildings represent 29,616 SF of commercial space. The purchase is expected to kick start the rejuvenation of Emma Avenue, for decades the heart of Springdale commerce before falling on hard times.
Sources said the buildings will be renovated.
“We’re certainly excited about this and I think it means people are willing to invest in Springdale,” Mayor Doug Sprouse said.
The Walton purchase coincides with the recent dedication of Walter Turnbow Park, a green space that will accompany the Emma Avenue leg of the 36-mile Razorback Greenway.
Tyson Foods Inc. has also announced its interest in an additional corporate office downtown, and that it’s willing to purchase the old Jeff D. Brown & Co. hatchery building just east of the Arkansas and Missouri railroad tracks. The hatchery is adjacent to land already owned by Tyson along Emma and Meadow avenues.
Ryan’s, at 5,425 SF, sold for $250,000 last month to Downtown Springdale, a company registered in Delaware that has the same Bentonville mailing address — PO Box 1860 — as that of the Walton Family Foundation Inc.
Robert Ryan was the seller.
The $970,000 purchase of the San Jose building, at 24,191 SF, was finalized Tuesday. Mid-America Management Associates LLC of Fayetteville was the seller.
Purchase contracts are also pending on the Apollo Theater at 308 W. Emma, and the commercial space at 126 W. Emma. The contracts are from separate local buyers.